UK slipping on green banking targets

The UK must move ahead with a green bank 'quickly' as it's already falling behind on climate targets, according to an association representing long term financial investors.

British Private Equity and Venture Capital Association (BVCA) made the plea for action has it unveiled 'Energy, Environment and Technology Board' (EETB) a report on the creation of a green investment bank in the UK.

The report argues that a 'well-designed and implemented' green bank could be 'vital' to creating private sector investment support for the UK's 2020 and 2050 low carbon, renewable energy and energy security targets, as well as in creating jobs for the British economy.

Chief executive of the BVCA, Simon Walker, said: "It is clear that to reach Britain's climate change targets market and government forces must come together.

"The low carbon and renewable energy sector, along with much of the financial sector has been beleaguered with regulatory uncertainty.